Loans Held for Investment and Loans Held for Investment at Fair Value

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Loans Held for Investment and Loans Held for Investment at Fair Value

Note 6 — Loans Held for Investment and Loans Held for Investment at Fair Value

The following tables summarize loans held for investment as of June 30, 2024, and December 31, 2023:

	June 30, 2024
	Loans Held for Investment, Net			Loans Held for Investment, at Fair Value		Total Loans Held for Investment
	(In thousands)
Unpaid principal balance	$	2,599,016		$	1,880,885	$	4,479,901
Valuation adjustments on FVO loans		—			90,798		90,798
Deferred loan origination costs		25,843			—		25,843
		2,624,859			1,971,683		4,596,542
Allowance for credit losses		(5,240	)		—		(5,240	)
Total loans held for investment and loans held for investment at    fair value, net	$	2,619,619		$	1,971,683	$	4,591,302

	December 31, 2023
	Loans Held for Investment, Net			Loans Held for Investment, at Fair Value		Total Loans Held for Investment
	(In thousands)
Unpaid principal balance	$	2,804,541		$	1,251,395	$	4,055,936
Valuation adjustments on FVO loans		—			54,677		54,677
Deferred loan origination costs		28,351			—		28,351
		2,832,892			1,306,072		4,138,964
Allowance for credit losses		(4,769	)		—		(4,769	)
Total loans held for investment and loans held for investment at    fair value, net	$	2,828,123		$	1,306,072	$	4,134,195

The following tables summarize the Unpaid Principal Balance (“UPB”) and amortized cost basis of loans in the Company's COVID-19 forbearance program for the three and six months ended June 30, 2024, and the year ended December 31, 2023:

	Three Months Ended June 30, 2024								Six Months Ended June 30, 2024
	UPB			%	Amortized Cost			%	UPB			%	Amortized Cost			%
	($ in thousands)
Beginning balance	$	165,141			$	166,983			$	174,571			$	176,515
Foreclosures		(2,329	)			(2,378	)			(3,962	)			(4,055	)
Repayments		(4,295	)			(4,382	)			(12,092	)			(12,237	)
Ending balance	$	158,517			$	160,223			$	158,517			$	160,223
Performing/Accruing	$	117,802		74.3%	$	119,065		74.3%	$	117,802		74.3%	$	119,065		74.3%
Nonperforming/Nonaccrual	$	40,715		25.7%	$	41,158		25.7%	$	40,715		25.7%	$	41,158		25.7%

	December 31, 2023
	UPB			%	Amortized Cost			%
	($ in thousands)
Beginning balance	$	201,005			$	203,346
Foreclosures		(833	)			(830	)
Repayments		(25,601	)			(26,001	)
Ending balance	$	174,571			$	176,515
Performing/Accruing	$	132,389		75.8%	$	133,771		75.8%
Nonperforming/Nonaccrual	$	42,182		24.2%	$	42,744		24.2%

Since April 1, 2020, the inception of the COVID-19 forbearance program, the Company has modified $412.5 million in UPB of loans, which includes capitalized interest of $14.4 million. As of June 30, 2024, $254.4 million in UPB of modified loans has been paid down, which includes $6.0 million of capitalized interest received. The Company has not forgiven any capitalized interest.

Approximately 74.3% and 75.8% of the COVID forbearance loans in UPB were performing, and 25.7% and 24.2% were on nonaccrual status as of June 30, 2024 and December 31, 2023, respectively.

As of June 30, 2024 and December 31, 2023, the gross unpaid principal balances of loans held for investment pledged as collateral for the Company’s warehouse facilities and securitized debt issued were as follows:

	June 30, 2024		December 31, 2023
	(In thousands)
The 2013 repurchase agreement	$	125,007	$	132,505
The Bank credit agreement		33,475		39,619
The 2021 repurchase agreement		53,279		103,787
The 2021 term repurchase agreement		35,396		41,628
The July 2021 term repurchase agreement		33,823		30,923
The 2023 repurchase agreement		23,259		29,501
Total pledged loans	$	304,239	$	377,963
2017-2 Trust	$	44,385	$	50,554
2018-1 Trust		32,453		37,810
2018-2 Trust		73,594		85,122
2019-1 Trust		80,669		87,677
2019-2 Trust		60,581		73,166
2019-3 Trust		57,825		64,403
2020-1 Trust		107,542		116,843
2020-2 Trust		65,137		69,085
2021-1 Trust		172,053		182,184
2021-2 Trust		138,712		148,989
2021-3 Trust		149,432		159,565
2021-4 Trust		230,849		245,945
2022-1 Trust		232,804		245,372
2022-2 Trust		212,487		222,333
2022-MC1 Trust		62,803		73,840
2022-3 Trust		264,744		278,268
2022-4 Trust		283,443		298,758
2022-5 Trust		209,134		223,112
2023-1 Trust		204,048		217,220
2023-2 Trust		191,726		214,221
2023-3 Trust		244,105		255,699
2023-RTL1 Trust		85,123		79,465
2023-4 Trust		211,532		227,940
2024-1 Trust		207,688		—
2024-2 Trust		282,928		—
2024-3 Trust		208,162		—
Total	$	4,113,959	$	3,657,571

(a)Nonaccrual Loans

The following tables present the amortized cost basis, or recorded investment, of the Company’s loans held for investment, excluding loans carried at fair value, that were nonperforming and on nonaccrual status as of June 30, 2024 and December 31, 2023. There were no loans accruing interest that were greater than 90 days past due as of June 30, 2024 and December 31, 2023.

	June 30, 2024
	Total Nonaccrual		Nonaccrual with No Allowance for Credit Losses		Nonaccrual with Allowance for Credit Losses		Allowance for Loans Individually Evaluated
	(In thousands)
Commercial - Purchase	$	30,198	$	29,162	$	1,036	$	111
Commercial - Refinance		99,844		94,067		5,777		552
Residential 1-4 Unit - Purchase		33,640		32,411		1,229		189
Residential 1-4 Unit - Refinance		132,448		126,721		5,727		273
Short Term 1-4 Unit - Purchase		6,904		6,904		—		—
Short Term 1-4 Unit - Refinance		24,256		20,138		4,118		489
Total	$	327,290	$	309,403	$	17,887	$	1,614

	December 31, 2023
	Total Nonaccrual		Nonaccrual with No Allowance for Credit Losses		Nonaccrual with Allowance for Credit Losses		Allowance for Loans Individually Evaluated
	(In thousands)
Commercial - Purchase	$	28,221	$	27,037	$	1,184	$	156
Commercial - Refinance		86,890		84,575		2,315		444
Residential 1-4 Unit - Purchase		36,253		36,253		—		—
Residential 1-4 Unit - Refinance		137,925		134,579		3,346		245
Short Term 1-4 Unit - Purchase		6,402		6,402		—		—
Short Term 1-4 Unit - Refinance		29,663		27,059		2,604		129
Total	$	325,354	$	315,905	$	9,449	$	974

The Company has made the accounting policy election not to measure an allowance for credit losses for accrued interest receivables. The Company has also made the accounting policy election to write off accrued interest receivables by reversing interest income when loans are placed on nonaccrual status, or 90 days or more past due.

The Company will continue to evaluate the COVID-19 forbearance-granted loans on an individual basis to determine if a reserve should be established on the collectability of the accrued interest and whether any loans should be placed on nonaccrual status at a future date.

The following tables present the amortized cost basis in the loans held for investment, excluding loans held for investment at fair value, as of June 30, 2024 and 2023, and the amount of accrued interest receivables written off by reversing interest income by portfolio segment for the three and six months ended June 30, 2024 and 2023:

	Three Months Ended June 30,
	2024				2023
	Amortized Cost		Interest Reversal		Amortized Cost		Interest Reversal
	(In thousands)
Commercial - Purchase	$	599,314	$	147	$	664,482	$	136
Commercial - Refinance		758,179		762		854,048		667
Residential 1-4 Unit - Purchase		469,400		151		553,269		476
Residential 1-4 Unit - Refinance		734,003		421		882,020		881
Short Term 1-4 Unit - Purchase		33,113		10		49,242		7
Short Term 1-4 Unit - Refinance		30,850		54		59,505		347
Total	$	2,624,859	$	1,545	$	3,062,566	$	2,514

	Six Months Ended June 30,
	2024				2023
	Amortized Cost		Interest Reversal		Amortized Cost		Interest Reversal
	(In thousands)
Commercial - Purchase	$	599,314	$	202	$	664,482	$	268
Commercial - Refinance		758,179		1,629		854,048		1,183
Residential 1-4 Unit - Purchase		469,400		286		553,269		773
Residential 1-4 Unit - Refinance		734,003		614		882,020		1,597
Short Term 1-4 Unit - Purchase		33,113		10		49,242		31
Short Term 1-4 Unit - Refinance		30,850		115		59,505		443
Total	$	2,624,859	$	2,856	$	3,062,566	$	4,295

The cash basis interest income recognized on nonaccrual loans, including loans held for investment at fair value, was $8.4 million and $8.0 million for the three months ended June 30, 2024 and 2023, respectively. The cash basis interest income recognized on nonaccrual loans was $15.8 million and $14.2 million for the six months ended June 30, 2024 and 2023, respectively. No accrued interest income was recognized on nonaccrual loans for the six months ended June 30, 2024 and 2023. The average recorded investment of individually evaluated loans, computed using month-end balances, was $322.8 million and $331.4 million for the three months ended June 30, 2024 and 2023, respectively, and $323.9 million and $316.9 million for the six months ended June 30, 2024 and 2023, respectively. There were no commitments to lend additional funds to debtors whose loans have been modified in troubled debt restructuring as of June 30, 2024 and 2023.

(b)Allowance for Credit Losses

The following tables present the activity in the allowance for credit losses for the three and six months ended June 30, 2024 and 2023:

	Three Months Ended June 30, 2024
							Residential			Residential			Short Term		Short Term
	Commercial			Commercial			1-4 Unit			1-4 Unit			1-4 Unit		1-4 Unit
	Purchase			Refinance			Purchase			Refinance			Purchase		Refinance			Total
	(In thousands)
Allowance for credit losses:
Beginning balance - April 1, 2024	$	861		$	1,894		$	973		$	1,269		$	17	$	253		$	5,267
Provision for credit losses		(51	)		(142	)		(39	)		(61	)		12		499			218
Charge-offs		—			—			—			—			—		(245	)		(245	)
Ending balance	$	810		$	1,752		$	934		$	1,208		$	29	$	507		$	5,240
Allowance related to:
Loans individually evaluated	$	111		$	552		$	189		$	273		$	—	$	489		$	1,614
Loans collectively evaluated	$	698		$	1,200		$	745		$	936		$	29	$	18		$	3,626
Amortized cost related to:
Loans individually evaluated	$	30,198		$	99,844		$	33,640		$	132,448		$	6,904	$	24,256		$	327,290
Loans collectively evaluated	$	569,116		$	658,335		$	435,760		$	601,555		$	26,209	$	6,594		$	2,297,569

	Three Months Ended June 30, 2023
							Residential			Residential			Short Term			Short Term
	Commercial			Commercial			1-4 Unit			1-4 Unit			1-4 Unit			1-4 Unit
	Purchase			Refinance			Purchase			Refinance			Purchase			Refinance			Total
	(In thousands)
Allowance for credit losses:
Beginning balance - April 1, 2023	$	796		$	2,060		$	468		$	1,363		$	24		$	334		$	5,045
Provision for credit losses		(64	)		(34	)		(65	)		(99	)		752			(192	)		298
Charge-offs		—			—			—			—			(717	)		—			(717	)
Ending balance	$	732		$	2,026		$	403		$	1,264		$	59		$	142		$	4,626
Allowance related to:
Loans individually evaluated	$	137		$	552		$	—		$	246		$	—		$	108		$	1,043
Loans collectively evaluated	$	595		$	1,474		$	403		$	1,018		$	59		$	34		$	3,583
Amortized cost related to:
Loans individually evaluated	$	21,239		$	93,176		$	49,826		$	139,356		$	3,587		$	47,603		$	354,787
Loans collectively evaluated	$	643,243		$	760,872		$	503,443		$	742,664		$	45,655		$	11,902		$	2,707,779

	Six Months Ended June 30, 2024
							Residential			Residential			Short Term			Short Term
	Commercial			Commercial			1-4 Unit			1-4 Unit			1-4 Unit			1-4 Unit
	Purchase			Refinance			Purchase			Refinance			Purchase			Refinance			Total
	(In thousands)
Allowance for credit losses:
Beginning balance - January 1, 2024	$	935		$	1,805		$	585		$	1,256		$	23		$	165		$	4,769
Provision for credit losses		(125	)		(51	)		645			59			105			586			1,219
Charge-offs		—			(2	)		(296	)		(107	)		(99	)		(244	)		(748	)
Ending balance	$	810		$	1,752		$	934		$	1,208		$	29		$	507		$	5,240
Allowance related to:
Loans individually evaluated	$	111		$	552		$	189		$	273		$	—		$	489		$	1,614
Loans collectively evaluated	$	698		$	1,200		$	745		$	936		$	29		$	18		$	3,626
Amortized cost related to:
Loans individually evaluated	$	30,198		$	99,844		$	33,640		$	132,448		$	6,904		$	24,256		$	327,290
Loans collectively evaluated	$	569,116		$	658,335		$	435,760		$	601,555		$	26,209		$	6,594		$	2,297,569

	Six Months Ended June 30, 2023
						Residential			Residential			Short Term			Short Term
	Commercial		Commercial			1-4 Unit			1-4 Unit			1-4 Unit			1-4 Unit
	Purchase		Refinance			Purchase			Refinance			Purchase			Refinance			Total
	(In thousands)
Allowance for credit losses:
Beginning balance - January 1, 2023	$	639	$	2,031		$	542		$	1,272		$	21		$	388		$	4,893
Provision for credit losses		93		74			(112	)		3			816			59			933
Charge-offs		—		(79	)		(27	)		(11	)		(778	)		(305	)		(1,200	)
Ending balance	$	732	$	2,026		$	403		$	1,264		$	59		$	142		$	4,626
Allowance related to:
Loans individually evaluated	$	137	$	552		$	—		$	246		$	—		$	108		$	1,043
Loans collectively evaluated	$	595	$	1,474		$	403		$	1,018		$	59		$	34		$	3,583
Amortized cost related to:
Loans individually evaluated	$	21,239	$	93,176		$	49,826		$	139,356		$	3,587		$	47,603		$	354,787
Loans collectively evaluated	$	643,243	$	760,872		$	503,443		$	742,664		$	45,655		$	11,902		$	2,707,779

(c)Credit Quality Indicator

A credit quality indicator is a statistic used by the Company to monitor and assess the credit quality of loans held for investment, excluding loans held for investment at fair value. The Company monitors its charge-off rate in relation to its nonperforming loans as a credit quality indicator. Nonperforming loans are loans that are 90 or more days past due, in bankruptcy, in foreclosure, or not accruing interest. Past due status is based on the contractual terms of the loan. The annualized charge-off rates were 0.47% and 0.76% of average nonperforming loans for the six months ended June 30, 2024 and 2023, respectively.

Other credit quality indicators include aging status and accrual status. The following table presents the aging status of the amortized cost basis in the loans held for investment portfolio, which include $160.2 million and $176.5 million loans in the Company’s COVID-19 forbearance program, excluding loans held for investment at fair value, as of June 30, 2024 and December 31, 2023, respectively:

	30–59 Days		60–89 Days		90+ Days		Total				Total
June 30, 2024	Past Due		Past Due		Past Due(1)		Past Due		Current		Loans
	(In thousands)
Loans individually evaluated
Commercial - Purchase	$	531	$	920	$	28,747	$	30,198	$	—	$	30,198
Commercial - Refinance		3,931		1,290		94,623		99,844		—		99,844
Residential 1-4 Unit - Purchase		252		574		32,814		33,640		—		33,640
Residential 1-4 Unit - Refinance		3,679		1,005		127,764		132,448		—		132,448
Short Term 1-4 Unit - Purchase		—		—		6,904		6,904		—		6,904
Short Term 1-4 Unit - Refinance		—		—		24,256		24,256		—		24,256
Total loans individually evaluated	$	8,393	$	3,789	$	315,108	$	327,290	$	—	$	327,290
Loans collectively evaluated
Commercial - Purchase	$	24,496	$	7,297	$	—	$	31,793	$	537,323	$	569,116
Commercial - Refinance		36,638		14,099		—		50,737		607,598		658,335
Residential 1-4 Unit - Purchase		28,494		5,600		—		34,094		401,666		435,760
Residential 1-4 Unit - Refinance		50,444		22,453		—		72,897		528,658		601,555
Short Term 1-4 Unit - Purchase		6,152		170		—		6,322		19,887		26,209
Short Term 1-4 Unit - Refinance		448		261		—		709		5,885		6,594
Total loans collectively evaluated	$	146,672	$	49,880	$	—	$	196,552	$	2,101,017	$	2,297,569
Ending balance	$	155,065	$	53,669	$	315,108	$	523,842	$	2,101,017	$	2,624,859

	30–59 Days		60–89 Days		90+ Days		Total				Total
December 31, 2023	Past Due		Past Due		Past Due(1)		Past Due		Current		Loans
	(In thousands)
Loans individually evaluated
Commercial - Purchase	$	2,329	$	668	$	25,224	$	28,221	$	—	$	28,221
Commercial - Refinance		4,716		2,405		79,769		86,890		—		86,890
Residential 1-4 Unit - Purchase		544		—		35,709		36,253		—		36,253
Residential 1-4 Unit - Refinance		2,988		1,923		133,014		137,925		—		137,925
Short Term 1-4 Unit - Purchase		—		—		6,402		6,402		—		6,402
Short Term 1-4 Unit - Refinance		55		—		29,608		29,663		—		29,663
Total loans individually evaluated	$	10,632	$	4,996	$	309,726	$	325,354	$	—	$	325,354
Loans collectively evaluated
Commercial - Purchase	$	21,342	$	8,352	$	—	$	29,694	$	574,010	$	603,704
Commercial - Refinance		47,430		14,002		—		61,432		651,494		712,926
Residential 1-4 Unit - Purchase		29,236		6,850		—		36,086		438,741		474,827
Residential 1-4 Unit - Refinance		52,510		20,828		—		73,338		596,886		670,224
Short Term 1-4 Unit - Purchase		1,169		658		—		1,827		32,882		34,709
Short Term 1-4 Unit - Refinance		2,978		213		—		3,191		7,957		11,148
Total loans collectively evaluated	$	154,665	$	50,903	$	—	$	205,568	$	2,301,970	$	2,507,538
Ending balance	$	165,297	$	55,899	$	309,726	$	530,922	$	2,301,970	$	2,832,892

(1)Includes loans in bankruptcy and foreclosure less than 90 days past due.

In addition to the aging status, the Company also evaluates credit quality by accrual status. The following tables present the amortized cost in loans held for investment, excluding loans held for investment at fair value, based on accrual status and by loan origination year as of June 30, 2024 and December 31, 2023.

	Term Loans Amortized Cost Basis by Origination Year
June 30, 2024:	2022		2021		2020		Prior		Total
	(In thousands)
Commercial - Purchase
Payment performance
Performing	$	239,996	$	215,901	$	26,441	$	86,778	$	569,116
Nonperforming		11,216		6,889		3,794		8,299		30,198
Total Commercial - Purchase	$	251,212	$	222,790	$	30,235	$	95,077	$	599,314
Commercial - Refinance
Payment performance
Performing	$	218,777	$	175,608	$	45,075	$	218,875	$	658,335
Nonperforming		27,166		19,296		4,350		49,032		99,844
Total Commercial - Refinance	$	245,943	$	194,904	$	49,425	$	267,907	$	758,179
Residential 1-4 Unit - Purchase
Payment performance
Performing	$	193,045	$	183,755	$	8,514	$	50,446	$	435,760
Nonperforming		13,084		11,921		1,615		7,020		33,640
Total Residential 1-4    Unit - Purchase	$	206,129	$	195,676	$	10,129	$	57,466	$	469,400
Residential 1-4 Unit - Refinance
Payment performance
Performing	$	251,267	$	219,308	$	15,998	$	114,982	$	601,555
Nonperforming		48,368		32,825		8,692		42,563		132,448
Total Residential 1-4    Unit - Refinance	$	299,635	$	252,133	$	24,690	$	157,545	$	734,003
Short Term 1-4 Unit - Purchase
Payment performance
Performing	$	5,225	$	180	$	15,671	$	5,133	$	26,209
Nonperforming		6,155		166		583		—		6,904
Total Short Term 1-4    Unit - Purchase	$	11,380	$	346	$	16,254	$	5,133	$	33,113
Short Term 1-4 Unit - Refinance
Payment performance
Performing	$	6,594	$	—	$	—	$	—	$	6,594
Nonperforming		3,813		153		4,201		16,089		24,256
Total Short Term 1-4    Unit - Refinance	$	10,407	$	153	$	4,201	$	16,089	$	30,850
Total Portfolio	$	1,024,706	$	866,002	$	134,934	$	599,217	$	2,624,859
Gross charge-offs - quarter-ended June 30, 2024	$	245	$	—	$	—	$	—	$	245
Gross charge-offs - year-to-date June 30, 2024	$	701	$	34	$	—	$	13	$	748

	Term Loans Amortized Cost Basis by Origination Year
December 31, 2023	2022		2021		2020		2019		Prior		Total
	(In thousands)
Commercial - Purchase
Payment performance
Performing	$	248,153	$	226,467	$	31,692	$	43,829	$	53,563	$	603,704
Nonperforming		9,600		6,104		567		4,773		7,177		28,221
Total Commercial - Purchase	$	257,753	$	232,571	$	32,259	$	48,602	$	60,740	$	631,925
Commercial - Refinance
Payment performance
Performing	$	233,052	$	188,723	$	47,883	$	92,819	$	150,449	$	712,926
Nonperforming		20,462		14,168		4,207		14,167		33,886		86,890
Total Commercial - Refinance	$	253,514	$	202,891	$	52,090	$	106,986	$	184,335	$	799,816
Residential 1-4 Unit - Purchase
Payment performance
Performing	$	208,456	$	198,110	$	9,581	$	24,429	$	34,251	$	474,827
Nonperforming		17,287		10,740		701		1,421		6,104		36,253
Total Residential 1-4    Unit - Purchase	$	225,743	$	208,850	$	10,282	$	25,850	$	40,355	$	511,080
Residential 1-4 Unit - Refinance
Payment performance
Performing	$	277,980	$	237,159	$	19,752	$	61,136	$	74,197	$	670,224
Nonperforming		43,272		36,344		7,835		28,252		22,222		137,925
Total Residential 1-4    Unit - Refinance	$	321,252	$	273,503	$	27,587	$	89,388	$	96,419	$	808,149
Short Term 1-4 Unit - Purchase
Payment performance
Performing	$	11,458	$	180	$	18,510	$	4,561	$	—	$	34,709
Nonperforming		5,533		165		704		—		—		6,402
Total Short Term 1-4    Unit - Purchase	$	16,991	$	345	$	19,214	$	4,561	$	—	$	41,111
Short Term 1-4 Unit - Refinance
Payment performance
Performing	$	11,148	$	—	$	—	$	—	$	—	$	11,148
Nonperforming		4,313		153		7,435		13,612		4,150		29,663
Total Short Term 1-4    Unit - Refinance	$	15,461	$	153	$	7,435	$	13,612	$	4,150	$	40,811
Total Portfolio	$	1,090,714	$	918,313	$	148,867	$	288,999	$	385,999	$	2,832,892
Gross charge-offs - quarter-ended December 31, 2023	$	744	$	—	$	—	$	—	$	—	$	744
Gross charge-offs - year-ended December 31, 2023	$	1,120	$	473	$	—	$	446	$	—	$	2,039

Nonaccrual Loans - Loans Held for Investment at Fair Value

The following tables present the aggregate fair value of loans held for investment at fair value that are 90 days or more past due and/or in nonaccrual status, and the difference between the aggregate fair value and the aggregate unpaid principal balance as of June 30, 2024 and December 31, 2023 by loan segments:

	Fair Value						Unpaid Principal Balance						Difference
	Current–89 Days		90+ Days Past Due				Current–89 Days		90+ Days Past Due				90+ Days Past Due
June 30, 2024	Past Due		or Nonaccrual		Total		Past Due		or Nonaccrual		Total		or Nonaccrual
	(In thousands)
Commercial - Purchase	$	351,328	$	8,026	$	359,354	$	322,674	$	9,685	$	332,359	$	(1,659	)
Commercial - Refinance		401,470		11,777		413,247		365,119		14,143		379,262		(2,366	)
Residential 1-4 Unit - Purchase		320,969		20,578		341,547		309,173		24,978		334,151		(4,400	)
Residential 1-4 Unit - Refinance		652,918		70,317		723,235		614,884		84,276		699,160		(13,959	)
Short Term 1-4 Unit - Purchase		63,336		3,945		67,281		63,285		4,709		67,994		(764	)
Short Term 1-4 Unit - Refinance		59,433		7,586		67,019		58,965		8,994		67,959		(1,408	)
Ending balance	$	1,849,454	$	122,229	$	1,971,683	$	1,734,100	$	146,785	$	1,880,885	$	(24,556	)

	Fair Value						Unpaid Principal Balance						Difference
	Current–89 Days		90+ Days Past Due				Current–89 days		90+ Days Past Due				90+ Days Past Due
December 31, 2023	Past Due		or Nonaccrual		Total		past due		or Nonaccrual		Total		or Nonaccrual
	(In thousands)
Commercial - Purchase	$	204,282	$	4,651	$	208,933	$	188,924	$	5,635	$	194,559	$	(984	)
Commercial - Refinance		230,034		7,399		237,433		210,716		8,962		219,678		(1,563	)
Residential 1-4 Unit - Purchase		238,215		12,886		251,101		231,494		15,428		246,922		(2,542	)
Residential 1-4 Unit - Refinance		472,615		29,335		501,950		448,780		35,119		483,899		(5,784	)
Short Term 1-4 Unit - Purchase		46,312		1,769		48,081		45,695		2,143		47,838		(374	)
Short Term 1-4 Unit - Refinance		54,041		4,533		58,574		53,008		5,491		58,499		(958	)
Ending balance	$	1,245,499	$	60,573	$	1,306,072	$	1,178,617	$	72,778	$	1,251,395	$	(12,205	)